Ceebros Group set to amass iconic Adyar Gate resort, ET TravelWorld News, ET TravelWorld

Chennai: Ceebros Group set to acquire the iconic Adyar Gate hotel
The iconic Adyar Gate resort within the tony Boat Club space could quickly make means for a excessive rise of premium residences. property developer Ceebros is finalising a redevelopment settlement with the Goyals, the household that owns the Adyar Gate Hotels Limited (AGHL). The 286-room resort was a landmark 5-star property since its inauguration within the Seventies. It was later run by ITC as Park Sheraton Hotels & Towers for years after which turned the Crowne Plaza, however was all the time identified by its first title.

“Only the nitty gritty of the commercial agreement needs to be finalised. For Ceebros, Crowne Plaza will be the third hotel property it is acquiring, after the Atlantic Hotel in Egmore and Viceroy in MRC Nagar. Ceebros had razed both those properties and built residential towers,” a number of sources stated.

Ceebros’ managing director C Subba Reddy advised TOI that “talks are on”, whereas declining to disclose any additional particulars. The property was initially owned by industrialist TT Vasu’s household, who later offered it to the Goyals.

Promoters owe the civic physique INR 42 cr as property tax
Industry sources stated, “While AGHL was already going through a troubled phase, the Covid pandemic hastened the trouble. Despite opting for a moratorium on repayments during the pandemic, the liquidity crunch hit the group hard.”

The promoters owe Greater Chennai Corporation round INR 42 crore as property tax. The civic physique had even had performed a “drum beat” in entrance of the resort to focus on the tax arrears. Vinish Goyal, director, Crowne Plaza and Intercontinental Hotels, Chennai, stated, “I do not know who is spreading such rumors? We have settled all property tax dues to the authorities.”

According to property consultants, Ceebros did effectively redeveloping the Atlantic and the Viceroy. Even although the MRC redevelopment ‘174’ bumped into business bother for some time, now residences usually are not obtainable for resale even at charges in extra of INR 20,000 per sq ft.

“With Ceebros already owning and operating two business hotels under the brand name ‘Rain Tree’ on Anna Salai and St Mary’s Road, the company is unlikely to retain Crowne Plaza as a hotel,” a property marketing consultant, who didn’t need to be named , stated. “Given the proximity of the Crowne Plaza property to the upmarket Boat Club, where residential apartment prices are around ₹30,000 per sq ft, residential property will easily fetch ₹25,000 per sq ft here,” the marketing consultant added.

The Goyals personal two different resort properties by means of AGHL, the 67-room Fortune Sullivan in Ooty and the 106-room Intercontinental Chennai Mahabalipuram Resort, apart from the two.5 lakh sq ft Sai Real Tech Park on the Taramani-Velachery highway.

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